Do people need inherited money from parents in INDIA? Does this reducing the growth rate in INDIA?

Question

In INDIA its all known and mandatory that people receive money from parents (inherirance). Does this really required for a developing nation? All the developed nations does not have this "inheritance" policy. If inheriting property/money is removed from the law in INDIA does our nation becomes a developed nation as the money(hidden in Swiss banks/ black money) comes out?

Answer 1

i agree In your opinion that is not require to depend on our parents we should independent like in other country. but in other country students are doing part-time job for their income but in INDIA it is not possible at all ,why because our society is not mature yet.then only people of INDIA can develop.

Answer 2

Developed and under developed countries depends on certain criteria and generally it depends on GDP of the nation. It does not depend on inheritance laws of any country.

Under inheritance laws, any person who is owner of some property can gift it away as per his wish to any body even to a charity. He/She need not give it to his children. The property goes to the children, wife near relatives only when the person dies without writing any will (intestate).

Apart from this, in our country, the population of rich people is very less when compared with the population of our country and even if they gift their property to their children, it would be further divided among them so as to be reduced.

On the other hand, countries like UK which is a developed country has the inheritance laws from which only India also adopted certain sections of law.

Extricating money from Swiss banks does not make the country rich and developed. For extricating Swiss money, curbing of inheritance laws does not help.

Therefore, the argument that our country is underdeveloped because of inheritance laws is therefore not correct. Even if these laws are removed, to become a developed country our GDP has to be increased.

Answer 3

It is not the practice in whole india . it is mainly followed in hindu families which are governed by mitakshara school.
In India , there is a long tradition of joint family, the sons are responsible for supporting ill, old , widowed members. You can understand why it is necessary to have inherited property.
Though this system also have some negative effects but it can not be eliminated.

Answer 4

very strange question. supposing i live in USA and my father/mother in India. Both of them die and they have property worth, say us$1,000,000. and i am their only child. what would I do with the property, inherit it of course. or do u think i let the property to go government or some one else. I am sure same thing would happen to an american or british or any nationality. If an american dies leaving behind a house, who would the house go to. His children, of course. It is no different in India.

Answer 5

The question made me think for a while and in my opinion i would say the system shud be changed in India........."DO NOT DEPEND ON UR PARENTS FOR THE MONEY" earn ur money and pay ur fees but it is very difficult to do that since this is a culture which is been followed from very very long time!!!!!!!!in India people dont work to get the money they wanted to study and which makes parents to have their tensions for their children...........Iam an Indian, but after coming out of India (Present:USA) i learned a lot Iam managing my self for my school fees and other stuff and i dont want to ask my parents for the fee and i know my responsibilities!!!!!!!!!!!!!!.............but it is not so easy to change just like that......................we can start this environment to change but not assured....................

Answer 6

it is the habitat of mammals- the young one are trained by the parents until it live in dependently
in human race the young one look after the parents in their old age.
weather questioner want to change the habitat of the human being
how it possible.

Answer 7

yes